Newspaper Page Text
10
Market Qt;o‘tations For Week Ending May 12_._1_9,,,1_1
REVIEW OF COTTON MARKET
Further rains in Texas, as well as throizghout the western beil, ang con~
tinued drouth in the eastern half of the belt, where cotton in both sections
has been suffering from the effect of excessive rains and dry weather for
#ome time, intensified the bullish feeling in cotton cireles here and abroad,
resulting in & new high level of prices during the past week. The market
showed no signs of flagging, except the latter part of last week, when it was
fearcd that rains might occur in the eastern section over Sunday. The
hait in the upward movement was of short duration. The weather turned
for the better in the Southwest, but there were scattered precipitations in
many sections where progress with fie’d work has been interfered with for
weeks, This, together with no signs of moisture in the easiern beit, made
the situation stronger for the bulls.
The bullish fever is growing day after day. Even the most radical bears
have been converted into most i(mmvatlve bulls.
The market was strong snd broad throughout the week. There was an
appreciable mcrease in the volume of outside business in the market. Wall
sireet, Liverpool, the Sonth and shorts buying being the feature. The sell
ing was scattered. As it became apparent that the upward swing in values
had lost none of its momentum there came a rush of outside orders to buy.
The steady accamulation of contpacis by the South was hailed as a bullish
card, because it was held to confirm damage reports. It is obvious that
the freling of apprehentsion over the new crop is becomlng more wt’despre-d.
The present bull campaign is attracting the attention of the outsiders to an
extent not heretofore witnessed for some time. Continental spinners have be
come alarmed by the reportéd damage to the new crofi and have come in the
market with buying orders for new crop deliveries. oreign spinners have
always shown themselves more re.spopsa'e to crop damage reports than do
mestic gpinners,
That there is still a large short interest in May on the brink of seeking
cover ai present vilues became evident the past week, especiaily so Mon
day when the New York market opened with May contracts the feature,
being under steady demand and showing an advance of 12 points on the first
trtansaction, As the session wore on the demand became more sound, and
shorts seeing that the larger spot houses were willing to absorb every bale
offered, became nervous and soon the trade witnessed one of the most sen
sational bull raids for some time. Offerings were light and there seemed a
bull for ¢very bale of cotton that will be raised this season. Shorts sirug
gled for the spot option, but got only balf they bid for. At the end of the
fourth hour the option stood 55 points higher than the previous close, or
$250 a bale higher. At this level it was teuernlly conceded that the market
would encounter considerable profit sales, but offerings were tight, holders
standing pat, predicting stiil higher levels. Near the close the option lost 2
points from the high, closing with a net gain of 48 points for the day. It
is believed there is still a large short interest in the position. The advance
widened the premium that May helds over July 100 points, or $5 a bale.
There was also a stead:” accumulation of July contracts, the consensus of
opinion among authorities on cotton being that there will be a repetition of
May in the July option,
There may be a great bull card in July, which there generally is, and
at this writing the market is steady, with light offerings and there seerus
to be a short interest in the midsummer month, but weather conditions can
do almost anything at the moment. The weather is the dominating factor
at this time of the year. It determines the course of events. Clear weath
er in the . West for a few days would give the planters an opportunity to
catch up with fleld matters to a certain extent, but not altogether, because
fields are reported to be in very bad shape, but a week of clear, warm
weather in that portion of the belt, together with a few days general show -
ers in the eastern section, would adjust matters to an extent that longs
would not have the nerve to ecarry their supply, and naturally, a real bear
raid would follow, with a slump in values the result, It has been some time
gince the hears have had a siice of ple, and consequently they would fall
over themselves to clean up in the quickest possible time. On the other hand,
it looks as if there is a bull for every bale of cotton that the South will
produce this year. It looks, teo, lh%( they wiil have the crop bought with
in a few days. Some have already picked u% more bales than they think
they can carry well. At any rate, some of the more bold do_ not ‘hesgitate to
show signs of uneasiness. A few days-of adverse weather "conditions will
cause a great spill of contracts.. But at thls writing there is a strong bull
;-lmin that can stand considerable pressure from the bears without break
ng
There was a rumer the past week that the National Ginners’ Associa
tion of Memphis would place conditions around 74.6 per cent, but this was
denied, Bulls considered the figures too high, anyway, g
Sentiment Is very friendly to the market at gresem and with the pros
peots of a low condifion report, which will be published June 1, by the De
partment of Agriculture, traders are inclined to sts{ on the constructive
side of the mdrket. The report will compare witiv 79.1 per cent on May 25.
1913, n:aln;k 78.9 per cent on May 25, 1912, and 87.5 per cent on May 2j, 1911
(the “bumpér’’ year). The report will also compare wiih 2 ten-yvear average
of 81.5 per cent last year and 81 per cent the year before. The majority of
traders look for a figure around 2.9 to 73 per cent, which would be con
strued as bullish.
TUESDAY'S REVIEW:
- NEW YORK, May 26.—Continued cov
ering by sherts in.parted a steady tone
to the cotton market at the_openinc
to-day, resulting in first prices ranging
from 1 off to 4 points net higher than
Monday's “close. The weather map
showed improving conditions and Liv
erpool cabies were firm, There was
considerable buying, based on expecta
tions that ihe weekly official weather
report will be builish in charaeter,
The main feature after the call was
the heavy covering by July shorts,
There was also covering by overnight
shorts and commision housas. The bull
leaders were active, they bhaving re
¢eived their share of the ple yesterday,
when May sold $2.3 a bale higher.
The buyirg was based mairly on the
continued dry weather in the eastern
belt and general rains in Texas. This
invited heavy buying by lecal profes
sionals, rnsumn‘g in a rapid advance of
8 to 10 poinis from the opening range.
Ma)y wa: again the feature, with July
trailing. ‘l'he advance carried the en
tire list into mew bhigh levelz, May
touching 1595, while July reached 12.96
and August 12.98, new crops were in
sound demand, ;
Bulls added another bullish link to
their chain during the late forenoon,
when Clement & Curtis {lashed their
condition repart, showing 709, against
78.1 per cent last year, which was con
strued as buli'sh. Fallowing this, pri
vate wires telfl of further rains in Tex
as, then came the weekiy weather re
port., which was very bullish, showing
damage hy excessive raius in the west
ern belt and unfavorable conditions in
the eastern beli, owing to the contine
ued dry weather, This hrought out in
creased buying orders from conserva
tive sources, promoting further covering
by ring professionals and Wall street,
The latter then turned to the seliing
side, trying to break values, but the
market in the meanwhile had estab
lished an inflexible tone, offerings were
taken as fast as they cams out and at
the end*of the second hour May soid
to 14 cents, July 12,99 and October 12.5‘)?
While the market shows phenomenal
strength, there is a growing belief in
conservative quarters that a reaction is
in order. However, the weather is the.
dominating factor and local operators
are keeping an eye cn the map. !
Near the close the advance encoun
tered considerable realizing sales, re
'PORT RECEIPTS,
The (ouowlng table shows receipts at
the ports to-day compared with the
same day last year.
st il A 1918,
New Orleans. . . . 3.183 5,082
Galveston. . « o« 4,543 3,467
Meblle, &0 w Nl 1,955 224
Savannah. . . . . 2,693 2,320
Charleston. . . . . 214 17
Wimington. & f v vadns 493
Nortolk, . Taw a 3 240
Boston. . s« s % .| B Kivsanasaiis
—total. . mm‘l}l!‘_J_._ ,‘3_'...5 i..._.’
INTERIOR MOVEMENT,
RHoumtont: . + s ¥ 1.302 1,269
Augusts., . . <4 . 319 i 154
Memphis. . . . . 810 881
8t Lol W vy 219 156
Cincinnati, . . . 150 381
Little Rock. . . Litiide il o B
THOGL v RN e
THE GEORGIAN'S NEWS BRIEFS
sulting in the market closing barely
steady, with prices net unchanged to 7
points higher than the final quotations
of Monday.
Estimated cotton receipts:
‘ Wednesday. 1913,
New Orleans .....4.800 to 5400 1,719
Galveston ........3.000 to 3,500 1,193
NEW ORLEANS, May 28.—~Washlng)
ton advised late yesterday that the re?
vised cotten acreage last year was 37,-
456,000 acres, stnlnst 35,622,000 original
ly given, and that 37,089,000 acres were
On the basis of such a large acreage
this season's. indicated crop of around
14500000 bales, including more than
600,000 linters and about 200,000, if not
more, repacks, looks like rather a poor
result. .
Liverpoc! showed the full advance due
on old erops and quotes spots 7 points
higher, sa'es 6,000 bales, but was easier
on new crops. The smaller sales fit
in with the advice that higher prices
are heginning to check at Manchester.
This was inevitable, as there lis not
enough ecotton to cortinue at the pace
Marchester has heen goirg since the
btaginning of the year.
The map shows cloudy weather in
Texas, Oklawoma, Georgia and Florida,
generaily fair in the rest of the belt.
light scattered showers in Texas, a few
showers In the lower central States and
in the southeastern portion of the belt,
Indications are for unsettled and rainy
weather west of the river and increas
ing progpects for more éxtended show
ers during the rest of the week east of
the river. ;
A traveling erop expert is queted as
say'rg that on his inspection of Missis
sippi he fourd more weéevils .than in
nther vears,
Our rearket opened 2 to 3 points high
er, byt hesitated, owing to the slower
Liverponl and the chance for rain in
the Atiantirs. However, indications for
mere rain in the western States, the
expectation of a bullish weekly Gov
ernmenrt report to-day and a bullish
Rureau next Monday, together with the
strength of spots, sustained the mar
ket and buliish aspirations.
Further rain reports from Texas, ad
vaneca in the near position in New York
and continued crep rr:rc.-ts of a nature
to increase apprehensions inf regard to
the coming crop caused aggressive
strergth in the second hour and earried
{:r{;es to 13.41 for July ard 12.47 for Qc
ober,
SPOT COTTON MARKET,
Atlanta, quiet, middling 14e,
Athens, steady; middling 13%.
Macon, steady; mtddllnf 13%.
New York, quiet; middling 14.20.
New Orleans, steady, middling 13%,
Roston, quiet; middling 14,20,
Liverpool, firm; middling 7.63 d.
Savanpah, steady,; middling 141,
Augusta, steady; mlddllnf 137%.
Charleston, steadf'; middling 1314,
Norfolk;" firm; middling ll'z.
Galveston, firm; middiing 137,
Mobile, firm; middling 12 11-18.
Littte Reck, quiet; rmdding 13e.
Baitimore, nominal; mlddun, 11%.
St. Louis, quiet; middling lu.‘
gemphu. steady; n‘uddmxl 13
ouston, steady; middling 13%.
Louisville, Nrm: middiing 123§
Dallas, steady: middling 11 15-16
BAR SILVER,
LONDON, May 26.—Bar silver steady
at 264.
NEW YORK, May 28 -Commercial
bar stiver, 53%. Mexican dollars, 44.
NEW YORK.
Wodmda{. ng 13.
__Spot_cotton, middling. 1 .60. 8
| ! :
¢
£ = 21
« | Biz- | 3 ’ oe
_l___fl = L’x‘gl_fi, &5
My 112.95 1309 12.54 13.08'13.07-0812.95-96
Je ;..‘..;...‘.u....“..,;1z.50-ss|u>7o-so
Jly 11255 12:65/12.6412.64/12.64-85 1255-56
Ag |12.39/12.52/12.39(12 54 12.51-52/12.40-41
Sp 11323112'38(12.23(12.28,12.87-38/12.21-23
Oc T12.101226/12.09112.24/12.24-25/12.08-09
De f1::.n~1z.31i12.11]12.29i12‘30-29’12.10-12
Jn [12.08]12.23/12.06(12.22/12.21-22/12.04-05
Mh {12.12/12.26/12.13/12.2612 35-26/12 08-10
Ap h:.3@:12.47;_;:»._;:;13.447‘1;.3_5:433 12.29-31
" Closed firm. 3
Thursday, Ma? 14, .
_Spot cotton,.mlddfi_n_i 3.60.
¢ £ wel % ~8
g |2l 2l3dt 8§ | 2
| o 1. 4138 B 2o
My [13.14]13.30]13.07 13.25|13.23-35(13.07-08
Je [13.0013.00/13.00713.00/12.85-95/12.80-88
Jy _12.61f1:77;1:.61(\2.70;12.10-71 12.64-65
Ag [12.47'12.66/12.47/12.60{12.60 _ 12.51-52
Bp ...l .l ... 112.49-51/12:37-38
Oc [12.23/12.47/12.23/12.37|12.37-38/12.24-25
Do |12.38/12564/12. 2.44/12.43-44/12.28-29
Jn 12.20{13.43(12.20(13.34/12.33-34/12.21-22
Mh |12.24/12.48112.2¢ 12.42/12.39-40 12.25-36
Ap_[l2.4s/12.60,12.45/12.60/12.60-6112.45-46
Closed steady.
Friday, May 15.
__Spot cotton, middling, 13.60.
_le lxl3 ]33 6 |66
Ag [12.51/12.60/12.47 12.56/13.55-56/12.60
Sp ’12.40;12.40‘12.37;12.37 12.38-39/12.49-50
My {1313(13.27/13.08/13.27{13.27 113.23-25
Ju [12.69/12.69/12.69/12 6914.82-92/12.85-95
Jly 12.60/12.70/12.68/12.67/12.67-6812.70-71
Oc [12:27112'36/12.20(12.25/12.25-26(12.37-38
De {12.26/12.43/12.28!12.33/12.33-33/12.43-44
Jn Ilz.za,lz.szu.l? 12.2313.31-3:{1;:2-34
Mr |12.30/12.36}12.23 12.24‘12.25-26 12.39-40
Ap_ll2.so] 12.53(12.45112.45{12.45-47/12,60-61
Closed steady. it
Saturda‘!, May 16. :
Spot cotton, middling, 13.70.
g 1 &} & I ;
gl vyl 1]
_ lol®El3 38| &| &b
My 13.23‘13.40f13.10 13.38]12.38-40/13.27
Ju ..........t....A’.....:18.88-98'12,8!-92
Jly 112.6312.74/12.58/12.72/12.72-7312.67-68
Ag [12.51/12.62(12.48/12 59 12.59-60/12.55-56
Sp |12.31(12.39/12.3112.39/12.39-40(12.38-39
Oc 1122212 32 12.16[12.2912.29-30(12.25-26
T Lot ke sl sl d S 118 SOA R
Dc [12.26/12.38(12,2212.3712.37-38{12.32- 33
Jn 112.15/12.25/12.11/12.23/13.23-24{12.21-22
Mr |12.16/12.28/12.15/12.25/12.25-26{12.35- 26
losed very steady.
Monday, May 18.
Spot cotton, mlddlix_x_g._u.lo.
d oy 3 o -9
% A= 3 33; o &0
My [13.50/13.88(13.45|13.86/13.86-88|12.38-40
T b s el
Jly !12.72‘12.88i12.71212.88“2.87-88]12.7243
Ag |12.5712.72/12.56/12.72 12.71-72/12.59-60
Sp |12.35/12 49/12.35 12.49,12.49-50‘12.39-40
Oc [12.26(12.38/12.20{12.87/12.37-38/12.29-30
De lxz.zs 12.46/12.26/12 44?1:.43-44[12.37-33
Jn [12:1512.32/12.1212.30/12.29-30112.23-24
Mr (12.17(12.35/12.17/12.33/12.33-34(12.25-26
Ap 112:39/12'50/12.39/12.53112.53-5512.45-47
Closed steady.
Tuesdn‘g. May 19,
_‘_S—Q}i_pott«m. ~_'fli__‘l""g' 14.20. = %,
;;; - ¢
lilii"’%} £ IE;
almd 3458 k 0 1 &
My lxs.ss'l4.oo‘;xz.ss'x"z‘.sozls.so-' 9113.86-88
e Lot e 50-18
Jiy |l2'BB/12'90/12.8712.87|12.87-88/12.87-38
Ag [157312.83/12.71/12.72112.71-73112.71-73
Sp 112.49112.59/12.49112.49112.52-54/12.49-50
Oc glz.mhz‘muz,zspan 12.41-42{12.37-38
De .12.47”2.63'12.46‘12.50 12.50-51 12.43- 44
Jn [12.3312.48 1232{12,35 12.35-36/12.29-30
Mh |12.37]12.52/12.3613. .38-39/12.23-34
Ap 112.57/12.74'12.57112.70{13 57-59/12.53-55
Closed barely steady.
Commercial Appeal
Makes Condition of
e 5 M
MEMPHIS, May 25.—-The Commer
cial-Appeal makes the condition of the
growing cotton ¢rop at 78 per cent, an
increase in acreage of 1 per cent.
Foliowing shows the report b{ubutes:
Texas, 64; Oklahoma, 73; uisiana,
85; Arkansas, 89; Tennessee, 88; Missis
sippi, 92; Alabama, 91; Georgia, 90;
South Carclina, 76: North Carolina, 73.
While these figures are comparatively
complete east of the river and in Ar
kansas and louisiana, they sare sub
jeet to heavy revision in Texas and
Oklahoma, especially the State of Tex
as. In Texas the acreage is estimated
to be unchanged, but the figures are
based on what is planned to be plant
ed, and further rains in that State would
undoubtedly materially reduce the acre
age.
Couditions vary widely, being more
nearly perfect in the central valley and
the western side of the eastern belt
than in other sections.
In the central valley, Adabama and
Georgia a warm rain would (fllace con
@itions where they could hardly be im
proved.
Preparation has been thorough and
the crop is unusuallly well cultivatea
throughout this section.
In Texas steady rains have rendered
the condition the worse ever known
there. Good weather would do much to
remedy conditions in the big State, but
it is doubtful if all damage can be
thoroughly repaired.
Plant health is generally pretty good,
but cool weather has retarded growth
to a certain extent. However, the crop,
outside of Texas, Oklahoma and West
ern Arkansas, is somewhat earlier than
last year.
MONE YAND EXCHANGE,
NEW YORK, May 26.—Money on call
1% time money, unchanged; 60 days,
2145 90 days, 2%, six months, 3@3%.
osted rates: Sterlin exchange,
4.8650@4.89, with actual %ualneu in
bankers’ bills at 4 8875 for demand and
4.86 for 60-day bilis
Prime mercantile spaper unehanged. ¢
NEW ORLEANS.
Wodne;daymMuy 13.
_ Spot_Cotton, middfing, 13. :
l s'-*’l ‘h*l ! I E
sIE | 3133 l 9 L2z
- 113.37/13.42/13.25|13.42/13.41-43(13.38-40
% ,1331“% oo 121830180011
Ty |13.03(13.16/13.0113.1518.15- <
Q,f u.ss}u.svimvss u.97|{§s:g:gg g.gg::z
1215|1237 12.14/12.26/12.26-27/12.15-16
Ny [l 2 s a6)13 14-18
De |1214]12.25/1213/12.2512 24-25112.14-15
Jn 12.15!u.zsl)m.mfm.zshz 25-26/12.16-17
Mh 1122711213712 26/12.36/12.34-36 12.24-26
Closed steady.
Thursd?’. May 14, :
Spot cotton, middling, 13%.
8| S{f |3 bl 32
¢ = 51 = £o
< I & ®» | O a 0
zJu_y 1341135 s;‘fi.‘s‘szl3.sB&'}s—2}l}}3-3
e LR BN sAI b s[t 4=~ 18-
Jly ‘13.12"13.33%13.13213.24 13.23-24/13.15-16
AR -13.00}13.14'13.0051104 13.02-04/12.96-98
o ii».‘z's'.ii.'is’;ii-.’zs'xi.’a’s’ 1233-36/13 38 27
WYL et isl sc o dhai T RN .24~
De [12.26 u‘u[12.24!13.33':2.3:-34 1224-25
Jn 1z.01}12.43;1z.z7 12,36%%3646 12.25-
Mh [1.36/12.53/12.36/12. 4572 44-46/12.34-36
Closed steady.
Frida(. May 13.
Spot cotton, middling, 13%.
1
- : »
Mi“ '3' : lé
O&3 B 2 O
My n.«us.m;mn‘xa.uzg.:g-:;‘g;:-g
u Soihßesdsnton soalsons L& &0~
Ty [1317/1324/13.11/13.15/13.14-16/13.23-24
é‘f 12.95 u.oo%x:so'xz.sogg.fl-% fi.gz_;-gg
oc [ids iz':s'e;ifizfi{is:z's;g:gg 123536
W Riiovilais selv 00l asvion D=, g
De [12.28 Iz.l4hz.zz|u.24=lz.xa-z4 12.33-34
Jn (12301235 12.24 12.2612.25-26(13.35-36
Mr [12:36112.42/1235(12.3512.34-35/12.44-48
“Tlosed steady. ) z
Baturdal May 16.
Spot cotton, middling, 13%.
d s| w 4 : »
I o 3 3-3 s| £
iy 113.34"’1'3.4' 5/13.54 1340*{%?;;‘1%;“;
u snon)oioh vobe s vofon's sn k- v =g
Ty Qs.no;w.zsha.os 13.18/13.18-17/13.14-15
Ag {l3‘”‘l3'°°il“9l‘3'°°j%§'§§"§3l{§'fl‘2§
Qe ii'x‘éllié.'z'i ié.'is'"ié.'éé;gfigg-ggt}gig;-gg
W oV viikaan eolens sofes ¢ o cihl aO~ 00 1840
De lm;ulm.so 121812 27112.27-28/12.23-24
Jn 112718/12:31(12:18/12.29/12.29-30/12.25-26
Mr [12.37(12.4012.37/12.39/12.37-39/12.34-35
Closed steady. e or P
Monday, May 18.
Spot cotten, middling, 13%.
’sl 8| slsel % |3B
S1&8 131881 3| &5
My [13.35/13.49|13.18/13.47)13 46-47/13.35-41
oo |l esy a 2
Tiy |13:17/13.90/13:13/13.50/13.27-30/13.18-17
Ag 12.97]13.1“12.97 13.1113.10-11/12.96-93
B s o es IR BT .48-
Q¢ i1“5i‘24333123341133;{?,%?,';3 12.28-23
B Y S el s € sal v i oia sl vwn ol BaTS™ .
= “&‘32%%'“1'251‘13315’1%%;’5}%"3’2’33'}%%3‘?3
n 26112, . ¥ .38-3912.29-
g_r_hyilu.w 12.18(12.46/12.47-18(12:37-39
Closed steady. Bxes
Tuesday, May 19,
Spot cotton, middling, 13%.
d - & y .
Iglil"“, : }55
clml X 33 7 a 0
My ;13.5:113.55(1&51[13.5? 1350 39!3.?&-;7’
O R v e s SRy SRR .32-34
Jly [13.33[13.46/12.3018.34/13.34-35/13.39-30
é},‘ ixa.xsps.zs 13.00/13.091815 113 10-11
0e 'ii.'iéfi'.'-.'s'z' 12.38(12.43 fifg-s };g;gg
WY ionba vhndssitrchs v sabhih N .37~
De |12.39112'51/12.38/1243/12.42-43(12.36-37
Jn [12.40(12.51{12:38/1238/12.43-44/12.38-39
Mh 12.62(12.61/12.52112.52112.51-53(12.47-48
Closed steady. s
‘ - s
2
Satisfactory Businass
Reported in Dry Goods
~ Marshall ¥ield & Company, in their
weekly review of the dry goods trade,
say:
“On seasonable merchandige retailers
are securing satisfactory business judg
ing from the trend of wholesale distri
bution,
. “Buyers are protecting themselves
conservatively as to future business on
some lines that may be scarce or high
er in, price as the season advances.
~ “Merchants are contracting for wool
dress goods for future deliver{ in ex
cess of a vear ago. The wool market
'is 5 to 10 per cent higher tham two
‘months ago, with every prospect of its
remaining firm.
| “Handkerchief business for fall is con
| siderably ahead of that on record up to
the same date last year.
[ “Immediate demand for silks contin
ues strong and orders being placed for
fall delivery Indicate another good silk
season,
“Ribbon and laces occupy a large place
in the current retail sales throughout
the country.”
« OFFICIAL WEATHER REPORT.
| WASHINGTON, May 26.--Mean teme
peratures were normal or slightly above
over the northeastern and north central
portions of the cotton region during the
past week; elsewhere there was a de
ficlency of from Ito 4 decrees. Weekly
mean temperatures ranged from 62 to
T 4 degrees over the eastern, from 70 to
74 degrees over the central and from 79
‘to 76 degrees over the westrn portion
' of th cotton-growing States. The low
est weekly mean temperature, 62 de
grees, occurred at Asheville, N, C,, and
the highest. 76 degrees, occurred at
Corpus Christi, Texas.
Only light scattered precipitation oe
curred over th&eutern and central por
tions of the tton region, over much
the larger portion there being no rains.
In Oklahoma and Texas rains were gen
eral, being heavy to excessive in east
Texas. The greatest weekly ralnfall, 8
inches, occurred at Austin, Texas.